Protocol
Trading
Yes and No always add up to 100. The price is the market’s view of the odds.
Prices
Each market has two sides. Prices run from 0 to 100 cents and always add up to 100, so Yes at 62 cents is the market pricing a 62% chance.
Collateral is ETH. Shares are tokens held onchain, and a whole winning share redeems for 1 ETH.
The market maker
Trades run against a fixed product market maker: a pool of Yes and No shares that always quotes a price, so no counterparty needs to be waiting. Buying a side raises its price. Selling lowers it.
Protections
Every trade carries a minimum amount out and a deadline. If the price moves too far, or the trade lands too late, it reverts instead of filling badly.
Buying and selling stop when trading closes.